Bookmaker declares election over, pays out on Obama win

The election’s still two days away, but an Irish bookmaker says it’s already over and there’s no way Mitt Romney can beat President Obama.

Paddy Power, which takes bets on politics, said Sunday it has called the race for Mr. Obama and already has paid out to those who bet on the president to win re-election.

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“Romney gave it a good shot and is doing well in the popular vote, but we suspect he’s had his moment in the sun and is likely to be remembered more for his legendary gaffes than presidential potential,” the bookmaker said.

Known for its flamboyant early payouts, Paddy Power said it has put its neck on the line for 650,000 Euros, which at current exchange rates is more than $830,000. But even with Mr. Obama getting favorable odds to repeat, 75 percent of betting still has gone his way in recent weeks.

In January 2008 Paddy Power declared the Democratic nomination over and paid out on Mr. Obama to be the nominee — even though it would be months, and a bruising campaign with Hillary Rodham Clinton, before that would become official.

Then, in the general election that year, Paddy Power called the race for Mr. Obama a full two weeks before the vote.